Wired, after failed IPOs, finally snares financing

After being humbled in two failed attempts at an IPO last year, Wired Ventures Inc. has announced that it has finally received US$21.5 million in equity financing from institutional investors and will be able to proceed with the 'next stage' of its business plan.

After being humbled in two failed attempts at an IPO last year, Wired Ventures Inc. has announced that it has finally received US$21.5 million in equity financing from institutional investors.

The company did not release the names of the investors or the terms of the financing.

The company put itself on the computer-related publishing map three years ago with its namesake magazine, 'Wired', which offers a mix of cutting-edge graphics, profiles of industry figures, feature articles and marquee-name columnists. The company has expanded to offer a Web site, HotWired Network, and a book publishing arm, HardWired Inc. It is also developing television programming through its subsidiary Wired Television Inc.

As a result of the funding, Wired is positioned to carry out the next stage of its business plan, according to a company statement. In the statement, the company portrayed itself as successfully growing, stating that Internet traffic to the HotWired Network sites is up 53% from the third to the fourth quarter; Wired magazine's circulation base has increased 13% in the last year to 340,000; and ad pages for the first two issues of 1997 are up 15% from the January and February issues last year.

However, the company failed to attract enough investors to launch an IPO (Initial Public Offering) and become a publicly held company last year, despite two attempts.

Wired is at http://www.wired.com/

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